When you see odds of -1000, it means that you’re looking at a heavy favorite.
To be precise, -1000 odds mean that you’d need to wager $1000 to win $100. That’s right!
You’d have to risk a lot to win a little. This is because the oddsmakers believe the outcome you’re betting on is very likely to happen.
Betting Strategy
Considering a -1000 odds might not seem attractive because the potential return is low compared to the risk.
However, if you’re very confident that the team will win, it could make sense. The key is to balance the perceived risk with the potential reward.
Personally, I would probably never make a bet like this only because the payout is just to small to justify the risk for me.
But every bettor has their own strategy and risk tolerance, so it’s important to find what works best for you.
When it comes to betting on heavy favorites, there are a few strategies that can help you make the most out of these odds:
- parlay bets: Instead of placing a single bet on one heavy favorite, you could combine multiple heavy favorites in a parlay bet. This would increase the potential payout while still betting on teams that are expected to win.
- prop bets: Another way to potentially increase the payout is by placing prop bets on specific outcomes within a game, such as the first team to score or the total number of points scored.
- Handicap bets: If you’re confident that a heavy favorite will win by a large margin, you could place a handicap bet (point Spread) which gives the opposing team a points advantage. This can increase the odds and potential payout.
A Real-World Example
Let’s say you place a $100 bet on a team with -1000 odds.
If your team wins, your profit would be $10 (because $1000/$100 = $10). Your total payout would be $110 — your original $100 stake plus your $10 winnings.
When to Consider This Bet
You might want to consider this type of bet when you’re almost certain about the outcome.
Remember, though, nothing is guaranteed in sports betting!
Bet smart, don’t chase losses, and don’t be greedy.
Finding Profitable Odds
To find the most profitable odds and sports bets, you can use odds comparison tools like OddsJam.
These tools help you compare odds across different sportsbooks to ensure you’re getting the best possible value for your bet.